Enforcement

Taiwan: Cathay United Bank Fined Over Misappropriated Client Funds

20/12/2023

Two employees were involved in the misconduct. The bank was fined and is being required to increase its operational risk capital.

Fintech / Regtech

Japan, Cambodia Agree to Establish Cross-border QR Payment Link

19/12/2023

Japan’s METI and Cambodia’s central bank signed an MoC establishing a framework to cooperate on cross-border payment systems using QR Code technology.

Enforcement

Korea FSS Identifies Misconduct by Nine Securities Firms

19/12/2023

The securities firms and up to 30 managers were involved in selling investment assets amongst themselves to shift losses between customer accounts.

AML / KYC

MAS Suspends Non-Bank, Non-Card Channels for China Remittances

19/12/2023

The move is a response to reports that remittances to China made by individuals in Singapore have been subsequently frozen by mainland law enforcement agencies.

Market Infrastructure

China Expands Pilot Programme to Boost Cross-border Trade and Investment

19/12/2023

The pilot programme, launched in 2022, is expanded to cover all of Shanghai, Jiangsu, Guangdong, Beijing, Zhejiang, and Hainan.

Crypto / Digital Assets

EU Publishes Details of Latest Russia Sanctions Package

18/12/2023

EU adds 147 names to asset freeze list and bans diamond imports in its 12th round of sanctions against Russia since February 2022.

Sanctions

Japan to Ban Russian Diamonds in Latest Round of Sanctions

18/12/2023

Japan imposes new round of asset freeze and trade restrictions against Russia, including ban on importing non-industrial diamonds.

Securities / Derivatives

CSRC Calls for Higher Dividends, Share Buybacks by Listed Companies

18/12/2023

Listed companies are asked to increase the frequency and amounts of their dividend payouts, and to boost share buybacks to “safeguard company value”.

Sanctions

UK Introduces New Legislation to Expand Russia Sanctions

18/12/2023

The package targets exports of military goods to Russia and the import of Russian metals. New reporting obligations also introduced to improve sanctions compliance.